On 10th December it was announced that Hilton Food Group has agreed to acquire Dutch Seafood Company B.V., trading as Foppen, for an enterprise value of €90m.
Foppen is a leading international manufacturer of branded and private label premium smoked salmon products with major retailers in the US and the Netherlands as key customers, both territories in which Foppen is the clear market leader in smoked salmon specialties. The company is headquartered in the Netherlands and services its customers from two facilities in the Netherlands and Greece with proprietary processing capabilities and approximately 500 employees in aggregate. The company has a proven track record of being profitable and cash generative, with underlying sales of approximately €118m.
With this acquisition Hilton enters the US market, a new geography; expands its presence in a growing protein category; and significantly enhances its customer base.
Hilton’s CEO, Philip Heffer, commented: “The acquisition of Foppen is an exceptional opportunity for Hilton and another step towards our goal of becoming the global protein partner of choice. More and more consumers around the world are seeking affordable, high quality, and sustainable protein, and this acquisition will help Hilton take our offer into new markets and to new global customers for the first time. Foppen’s premium product portfolio and strong customer relationships are a great fit for Hilton’s model, while Hilton’s strong ESG credentials in seafood will make sure our future growth plans are sustainable in every sense of the word. We welcome Foppen’s management and employees and look forward to delivering profitable growth through the combination of Hilton and Foppen.”
André van der Padt, Foppen CEO, added: “We are excited by the future prospects of Foppen under Hilton’s ownership and look forward to working with Philip and team. Foppen’s offer to customers, suppliers and employees will be enhanced as part of Hilton Food Group.”
Completion of the transaction is subject to Dutch competition authority and works council approval.
Stamford Partners acted as exclusive financial adviser to Hilton Food Group on this transaction.